Tips on saving for a first time renter.

[Emmielu]

Do you have any tips on how to save money? I have a DD aged 5yrs & obviously myself. I know about freezing left over food or chilling it for the day after but is there any other way i can save on food, money, electric bills etc? When should i do my big food shop? Should i do it online? (the only big supermarket near me is sainsburys - expensive!)

I always recommend the following...

1. Put 10% of your income into a savings account the day after you get paid and budget around the rest
2. Keep a close record of everything you spend for a week or two either on a spreadsheet, in a notebook or using software like MS Money. This will mean you can see where the high-spend areas are.
3. Spend an afternoon with a and comparison sites and get the best deal you can on utilities, insurance, telephone etc.
4. Wherever you shop for groceries, make a meal-plan, go with a list and try to shop only once a week. Online shopping can mean you spend less but a family of 2 will find it difficult to justify the delivery charge. Stay out of the shops in between weekly visits... a 'pint of milk and a loaf' can quickly become a £20 spend.

Good luck

Thank you! :)

Should have added the '10% in savings' could end up being 5% or 20%, depending on your circumstances. Pay off any debts before you start saving up, obviously. But the principle of putting something aside straight after you get paid is that it creates a good habit, you won't miss it particularly and, after a few months, you'll have a fund that you can draw on for emergencies or one-offs.

Also.. on the comparison site thing. Repeat the exercise regularly to make sure you're getting the best deals out there. Companies rely on customers being a little lazy & not checking. Those are the customers that pay the most!